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Reports on Demand Makes Benchmarking Your Renewals Simple
Webinar: March 23rd @ 11am EDT
- Advisen’s automated on-demand reports make
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Reports on Demand Makes Benchmarking Your Renewals Simple Webinar: - - PowerPoint PPT Presentation
Reports on Demand Makes Benchmarking Your Renewals Simple Webinar: - - PowerPoint PPT Presentation
Reports on Demand Makes Benchmarking Your Renewals Simple Webinar: March 23 rd @ 11am EDT Advisens automated on-demand reports make benchmarking as easy as 1-2-3. Why do it yourself when a summary report illustrating premiums, limits,
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Today’s Presenters
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Zach Boggs
Client Experience Manager
Colin Grigsby
Client Experience Manager
Jack Combs
Client Experience Manager
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JMC Out to Pasture
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What Happens When You Combine Benchmarking Data and Loss Data?
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3.7M insurance programs $200B in premium 750K insureds Our free, 10-page Insurance Program Benchmarking methodology document shows how we track and match this transaction data. 400,000 events $3 trillion in loss value Our free, 8-page Loss Data Methodology report describes how we collect and curate loss event data.
DID YOU KNOW? In June 2014, Advisen received US Patent 8762178 B2 for a benchmarking “system and method for providing global information on risks and related hedging strategies.”
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Reports on Demand Request Page
- The Client Insight “Reports
- n Demand” order page
was recently updated with a new look and feel.
- Renewal and New
Business report order forms have been combined into one.
- Users can now order
Industry Program Benchmark Reports.
http://reportsondemand.advisen.com
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What’s Included
- Premium
- Limit
- Retention
- Rate Per Million
- Quartiles on Quartiles
- Limit Adequacy
- Large Loss Examples
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Client Insight Reports Help Answer Several Questions
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- 1. How Much Coverage Do My Peers Have?
- Premium, Limit, Retention
- 2. Where Does My Program Fall Within My Peer
Group?
- 3. What Types of Risks Do I Face?
- Loss Examples
- 4. Am I Getting a Good Rate?
- Rate Per Million
- 5. Is My Limit Adequate?
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Use Case – Adequacy of Limits and Rates
- Broker: “How can I show my client that they
aren’t properly covered?”
– Limit Quartiles
- Rate per Million
– Limit Adequacy
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Limit Quartile Chart
How can I show my client how much limit a peer their size would be buying?
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This chart shows how many dollars of Limit a company in the peer group would purchase, per hundred dollars of revenue. This you show your client, based on their revenue, how much Limit they should be purchasing
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Limit Adequacy
What happens when you marry insurance program benchmarking with relevant loss data?
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Use Case – Large Losses
- Broker: “How can I prove that my
client has a risky exclusion?”
- Ex. Real Estate Management company has lead exclusion in
General Liability and Umbrella policy
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Use Case – Large Losses
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Use Case – Large Losses
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This graph illustrates the amount that a company, in the middle 50% of programs, would pay per one million dollars in limit. The graph still includes companies that are below the 25th and above 75th percentiles in the calculations, however, for illustration purposes, they are not shown.
The Client's Premium of USD 17,000, when compared to the LOB Peer Group - Umbrella/Excess, is in the High Middle of the range. The chart above illustrates the percentage of program counts that are within each premium range. The Client's Limit of USD 18,000,000, when compared to the LOB Peer Group - Umbrella/Excess, is in the High Middle of the range. The chart above illustrates the percentage of program counts that are within each limit range.
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Use Case – Large Losses
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Report Types
Industry Benchmark Report Client Insight Professional - Renewal Client Insight Professional – New Business Client Insight Expert Program Benchmarks X X X X Loss Data for Each Requested LOB X X X Company Information X Optional Loss Benchmarking X Placement Analytics X
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“Know Your Limits” Weekly Newsletter
Know Your Limits reviews the 15 news stories which best reflect why middle-market clients need an array of P&C coverage. Client Insight users receive our “Know Your Limits” weekly newsletter in their inbox.
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Client Insight Professional Client Insight Expert
Includes Insurance Program Benchmarking and anecdotal Loss Data access
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Also adds Limit Adequacy, Loss Benchmarking, Placement Analytics
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Got Supporting Documentation?
- 10-page Insurance Program Benchmarking Methodology
document shows how we track and match this transaction data
- Our most-requested Loss Data collateral features macro
- verviews of our loss datasets
- 8-page Loss Data Methodology report describes how we
collect and curate loss event data
- Our 18-page Advisen Portfolio Analysis document illustrates
the benefits of comparing your Book of Business to Advisen’s Transaction & Loss data
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About Advisen Ltd. Advisen is leading the way to smarter and more efficient risk and insurance communities. Through its information, analytics, ACORD messaging gateway, news, research, and events, Advisen reaches more than 150,000 commercial insurance and risk professionals at 8,000 organizations worldwide. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK. +1 (212) 897-4800 | info@advisen.com | www.advisenltd.com